IPO IPO timings Zerodha Kite UPI ASBA IPO order window mandate cutoff

IPO order timings on Zerodha Kite

From WebNotes, a public knowledge base. Last updated 21 June 2026. Reading time ~12 min.

Key facts

Daily order window	10 AM to 4:45 PM on each bidding day
Pre-apply window	From one day before the issue opens until 10 AM on the open date
UPI mandate acceptance cut-off	5 PM on the issue closing day
Last-day best-effort cut-off	Applications after 3 PM on the last day are forwarded on a best-effort basis
HNI bidding cut-off on the last day	4 PM on the closing day
Processing time	Several minutes to a few hours; not real time

IPO order timings on Zerodha Kite are the fixed daily windows and cut-offs that govern when a retail investor can place, modify and confirm an Initial Public Offering bid on Zerodha Kite. Orders can be placed from 10 AM on the issue opening day until 4:45 PM on the closing day; the UPI mandate that blocks the application money must be accepted by 5 PM on the closing day; and applications submitted after 3 PM on the last day are forwarded to the exchange only on a best-effort basis. These timings derive from the exchange book-building schedule under the SEBI (ICDR) Regulations 2018 and from Zerodha’s own forwarding cycle to the exchange.

The timings matter because an IPO application is a two-part act with two separate clocks. The first clock is the order window, when you can place or change a bid on Kite. The second clock is the mandate window, when the UPI ASBA block must be authorised on your UPI app. A bid placed inside the order window is still invalid if the mandate is not approved by 5 PM on the closing day. This article sets out both clocks, the pre-apply window that sits before them, the last-day best-effort rule, the separate and earlier cut-off for the HNI category, and why processing is not instant.

The daily order window

The standard window for placing an IPO order on Kite runs from 10 AM to 4:45 PM on each bidding day. An issue is open for three to five bidding days under the book-building schedule, and on every one of those days the window is the same: 10 AM to 4:45 PM. A bid placed within this window on a trading day is processed the same day. A bid attempted outside it, before 10 AM or after 4:45 PM, is queued and processed when the window next reopens at 10 AM.

This window applies to fresh bids and to modifications alike. You can modify an existing bid only between 10 AM and 4:45 PM on a trading day, the same hours as placing one. Withdrawal follows the same window. The detail of changing a bid is covered in How to modify or withdraw an IPO bid on Zerodha ; the relevant timing point is that you cannot revise a bid after 4:45 PM on the closing day.

The pre-apply window before the issue opens

Before the order window opens, Zerodha offers a pre-apply window from one day before the IPO launch until 10 AM on the issue open date. A bid placed in this window is queued and forwarded to the exchange automatically when the issue opens at 10 AM. The UPI mandate request then reaches the applicant after 10 AM on the start date. Pre-apply is available for mainboard issues only, not SME IPOs , and is documented in How to pre-apply for an IPO on Kite . It does not change allotment odds; it only shifts when you set up the bid.

The UPI mandate acceptance cut-off

The mandate cut-off is the hard deadline of the whole process: the UPI mandate must be accepted by 5 PM on the issue closing day. The order window closes at 4:45 PM; the mandate window closes 15 minutes later, at 5 PM. A bid with no accepted mandate by 5 PM on the closing day is not a valid application, whatever its order status on Kite.

The mandate is not raised at the same instant as the bid. Zerodha forwards bids to the exchange in batches, not in real time, so the mandate request can take several minutes to a few hours to reach your UPI app. If you place a bid late in the day, the mandate may arrive close to the cut-off. Zerodha advises that if no mandate request arrives within about an hour of a successful application, you delete and resubmit the application rather than wait; see How to fix a UPI mandate timeout and How to approve a UPI IPO mandate .

There is one timing asymmetry to note. An order placed after 4:45 PM is processed when the window reopens at 10 AM the next day, and the mandate follows then. On the last bidding day there is no next day, so a late order placed after the window cannot be rescued. This is why the order window and the mandate cut-off must both be respected on the closing day.

The last-day best-effort rule

The exchange may not accept applications after 4:45 PM, so Zerodha forwards applications collected after 3 PM on the last day on a best-effort basis. The practical instruction is direct: submit before 3 PM on the last day to be sure the application is processed and forwarded in time. The hour between 3 PM and 4 PM, and the 45 minutes after, are a buffer that exists for processing, not a window to aim for.

This best-effort rule is the single most common cause of a last-day IPO application failing on Zerodha. The order may appear placed on Kite, but if it reaches the exchange forwarding batch after the cut-off, it is not guaranteed to be accepted. The mandate cut-off at 5 PM compounds the risk: even a forwarded application needs its mandate approved by 5 PM. A last-day application started at 4:30 PM has very little margin on either clock.

The HNI category cut-off

The non-institutional, or HNI, bidding window closes earlier than the retail window on the last day: 4 PM on the closing day, against 4:45 PM for retail. An HNI applicant who waits until 4:30 PM on the last day, comfortable within the retail clock, has already missed the HNI cut-off. HNI bidding on Zerodha is documented separately in How to apply as an HNI in an IPO on Zerodha ; the timing point is that the HNI last-day cut-off is 45 minutes earlier than retail, so an HNI bid should be in well before 4 PM.

Order timings summary

Stage	Timing
Pre-apply window	One day before the issue opens, until 10 AM on the open date
Daily order window (place, modify, withdraw)	10 AM to 4:45 PM on each bidding day
Recommended last-day submission	Before 3 PM on the closing day
Last-day best-effort forwarding	Applications after 3 PM forwarded best-effort
HNI last-day bidding cut-off	4 PM on the closing day
Retail order cut-off	4:45 PM on the closing day
UPI mandate acceptance cut-off	5 PM on the closing day

Why processing is not instant

Applications are not processed in real time and can take several minutes to a few hours. Zerodha collects bids and forwards them to the exchange in cycles, and the sponsor bank raises the UPI mandate after the exchange has acknowledged the bid. Two queues sit between your click and a live, mandate-backed application: the exchange forwarding cycle and the sponsor-bank mandate cycle. During peak subscription on a popular issue, both queues lengthen, which is why a mandate can take an hour and why the last-day buffers exist.

The investor consequence is to treat every stated cut-off as a deadline for the start of processing, not for the click. Aim to apply on the first or second bidding day where possible, and on the last day aim for well before 3 PM. The IPO process in India explains the wider book-building schedule these timings sit inside, and the broker-level order window is Zerodha’s implementation of it.

External references

References

Zerodha support, When can you place IPO orders on Zerodha (order window 10 AM to 4:45 PM; modifications 10 AM to 4:45 PM; mandate acceptance by 5 PM on closing day; last-day best-effort after 3 PM; HNI cut-off 4 PM; not real-time processing), as of 21 June 2026.
Zerodha support, How to pre-apply for an IPO on Zerodha Kite (pre-apply window and automatic forwarding), as of 21 June 2026.
SEBI (Issue of Capital and Disclosure Requirements) Regulations 2018, book-building schedule for public issues, sebi.gov.in.
NSE and BSE primary-market documentation on the three to five day subscription window, nseindia.com and bseindia.com.

Frequently asked questions

What time can I apply for an IPO on Zerodha Kite?

From 10 AM on the issue opening day until 4:45 PM on the closing day. Bids placed during this window on a trading day are processed the same day; bids placed outside it are processed when the window reopens at 10 AM.

What is the UPI mandate cut-off for an IPO on Zerodha?

You must accept the UPI mandate by 5 PM on the issue closing day. An unaccepted mandate means no valid bid, regardless of when you placed the order. Approve it as soon as the request reaches your UPI app.

Why does Zerodha advise applying before 3 PM on the last day?

The exchange may not accept applications after 4:45 PM, so applications collected after 3 PM on the last day are forwarded on a best-effort basis. Submitting before 3 PM gives the application time to be processed and forwarded.

Can I modify an IPO bid at any time on Kite?

No. Modifications are allowed only between 10 AM and 4:45 PM on trading days, the same window as placing a fresh bid. Outside that window you cannot modify, and on the last day the practical cut-off is the same as for new bids.

What is the last-day timing for an HNI IPO bid?

The HNI, or non-institutional, bidding window closes at 4 PM on the last day, earlier than the 4:45 PM retail cut-off. HNI applicants should apply well before 4 PM on the closing day to be safe.

Is my IPO order processed instantly on Kite?

No. Applications are not processed in real time and can take several minutes to a few hours. If the UPI mandate request does not arrive within about an hour, delete and resubmit the application rather than waiting.

When does a pre-applied IPO bid reach the exchange?

A bid placed in the pre-apply window, open from one day before the issue until 10 AM on the open date, is forwarded to the exchange automatically when the issue opens at 10 AM. The UPI mandate then arrives for approval.

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WebNotes Editorial Team

The WebNotes Editorial Team covers Indian capital markets, payments infrastructure and retail investor procedures. Every article is fact-checked against primary sources, principally SEBI circulars and master directions, NPCI specifications and the official support documentation published by the intermediary in question. Drafts go through a second-pair-of-eyes review and a separate compliance read before publication, and revisions are tracked against the SEBI and NPCI rule changes referenced in the methodology section.

Last reviewed: 21 June 2026
Conflicts of interest: WebNotes is independent. No relationship with any broker, registrar or bank named in this article.